'A lot of chaos': Locals react to strikedown of Biden's student loan forgiveness plan
People in North Carolina with student debt react to Friday's decision by the Supreme Court to strike down the president's loan forgiveness plan.
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In the 6-3 decision, the majority opinion said Biden overstepped his power with the student loan forgiveness plan. The dissenting opinion argued the Supreme Court is overreaching with this ruling.
"To pull yourself up by your bootstraps ... some people don't even have boots," he said. "I feel really sorry for my brother and a lot of my family members. My mom has student loan debt."
Biden's loan forgiveness plan would have cost more than $400 billion, a price some said was too high, and the Supreme Court ruled the president didn't have the authority under the law.
Once the deferral period ends, borrowers who can’t or don't pay risk delinquency and eventually default. That can badly hurt your credit rating and make you ineligible for additional aid and government benefits.
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